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Deutsche Bank has revealed that it is considering transferring more than 8,000 full time employees currently based in New York, London, Hong Kong and Singapore "to more cost-effective locations".

The German bank, which this morning reported a loss in its corporate banking and securities arm for the fourth quarter, revealed in an accompanying analyst presentation that there was "scope for transfer of 8,000+ [full-time employees] in New York, London, Hong Kong and Singapore to more cost-effective locations."

It added that it had vacated 16 sites, with 7 more earmarked and 40 in scope.

The German bank also revealed it had cut 1,700 jobs, of which 90% were in the US, UK and Asia, as part of its cost-cutting drive. Around 1,400 of these were in the corporate banking and securities unit.

Anshu Jain, co-chief executive of Deutsche Bank, said in a results presentation that the bank was making progress in "migrating our real estate 'footprint' toward more cost-efficient locations".

He added: "'Doing more with less' has been a key part of our effort to reconfigure our investment banking platform since the crisis. The investment bank of today is very different from the pre-crisis business."

As part of this strategy, the bank has been looking to move staff from more expensive locations to those where the cost of living is less.

Financial News reported in November that Deutsche was look to hire sales traders in work in its Birmingham office, believing that individuals could service smaller accounts from the City more cost-effectively than if they were based in London. At the time, it had been suggested that the new team in Birmingham will have fewer than 50 new sales traders. The bank is also thought to be looking make greater use of its office in Jacksonville, Florida.

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Deutsche Bank today also outlined selected achievements within its “operational excellence program”, including the decommissioning of 660 IT applications and increased discipline around procurement.

The bank said that variable compensation made up 9% of net revenues in 2012, down from 11% in 2011, and 22% in 2006. The size of the bonus pool, at €3.2bn, fell a comparable amount, down 11%, with 47% of that deferred.

Jürgen Fitschen, co-chief executive of Deutsche Bank along with Jain, said the bank's strategy revamp was the "most comprehensive reconfiguration of Deutsche Bank in recent times."

He said: "We reconfigured our division structure, launched our most ambitious cost control program ever, and set Deutsche Bank on course for fundamental cultural change."